New Zealand Greenback (NZD) might check 0.5950 in opposition to US Greenback (USD); a sustained break beneath this stage is unlikely. Within the longer run, value motion signifies that additional NZD weak point is probably going; the extent to observe is 0.5950, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Worth motion signifies that additional NZD weak point is probably going
24-HOUR VIEW: “The next are excerpts from our replace yesterday: ‘NZD might edge decrease and check the assist at 0.5985. A sustained break beneath this stage is unlikely. The main assist at 0.5950 can also be unlikely to return below menace. Resistance is at 0.6025; a breach of 0.6040 would point out that the present delicate downward strain has eased.’ NZD subsequently rose to a excessive of 0.6014, after which in a stunning transfer, dropped sharply to a low of 0.5969. Downward momentum is growing, and at present, NZD might check the assist at 0.5950. This time round, a sustained break beneath 0.5950 seems unlikely. The subsequent assist at 0.5925 can also be unlikely to return below menace. Resistance is at 0.5990, adopted by 0.6010.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from one week in the past (08 Jul, spot at 0.6015), whereby ‘the value motion signifies that additional NZD weak point is probably going, and the extent to observe is 0.5950.’ After vary buying and selling for a number of days, NZD dropped sharply to a low of 0.5969 yesterday. The value motion continues to counsel NZD might weaken to 0.5950. Nevertheless, the ‘robust resistance’ stage is now at 0.6030 from 0.6060 beforehand.”
